Asked by
Yekaterina Brown
on Dec 18, 2024
Verified
Unless it is secured by a mortgage on real estate, a loan must be in the amount of ________ in order to come within the scope of the Truth-in-Lending Act.
A) $50,000 or more
B) $50,000 or less
C) $30,000 or more
D) $40,000 or less
E) $25,000 or less
Truth-in-Lending Act
U.S. federal law designed to promote transparency in consumer credit by requiring lenders to disclose important terms and costs of loans to borrowers.
Secured by Mortgage
Describes a loan or obligation guaranteed with the collateral of real estate property through a legal agreement.
Real Estate
Property consisting of land and the buildings on it, along with its natural resources, typically categorized into residential, commercial, or industrial properties.
- Gain an understanding of the regulatory framework surrounding consumer rights in credit and finance, with emphasis on the Truth-in-Lending Act and the Fair Debt Collection Practices Act.
Verified Answer
AA
Learning Objectives
- Gain an understanding of the regulatory framework surrounding consumer rights in credit and finance, with emphasis on the Truth-in-Lending Act and the Fair Debt Collection Practices Act.